Celtic announce record-breaking £40.7m profit and revenue of a staggering £119.9m

Celtic have announced a record-breaking pre-tax profit of £40.7million in the latest set of financial results.

Ange Postecoglou's side won a domestic Treble last season and the totals for the year ending June 30 2023 pull in the full rewards of a return to the Champions league and silverware aplenty for the Scottish Premiership champions. Group revenue increased by 35.8 per cent to a staggering £119.9m from £88.2m. Operating expenses including labour increased by a small amount of 4.0 per cent to £95.4m alongside a gain on sale of player registrations of £14.4m, from £29m. There was an acquisition of player registrations of £13.0m, changing from £38.4m

Profit before taxation of £40.7m is a bumper rise on the year previous sum of £6.1m, and the mega-money sale of Jota to Al-Ittihad and key Celtic defender Carl Starfelt's exit for Celta Vigo were not included in the results. Year-end cash net of bank borrowings stands at £72.3m, where the 2022 count was £30.2m.

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Chairman Peter Lawwell said in the accounts published by the London Stock Exchange: "Our successfully proven strategy has delivered stability and footballing success over many years and remains the same. We must balance the signing of players that can be developed and sold when conditions are optimal alongside the need to sign players who are able to make an immediate impact and deliver footballing success.

"The execution of this strategy is increasingly challenging owing to wage and transfer inflation, but this formula has underpinned both our footballing success and financial stability over a number of years now and it is vital that we adhere to it."